Viscount Completes $100,000 Private Placement

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Viscount Completes $100,000 Private Placement

BURNABY, British Columbia--(BUSINESS WIRE)-- Viscount Systems, Inc. (OTCBB: VSYS) announces that it has completed the sale of $100,000 of its Series A Convertible Redeemable Preferred Stock to a single investor.

The Series A Shares are convertible into shares of common stock of the Company at the rate of $0.05 per common share. The Company also issued the Series A Share investor 5 year warrants to purchase 1,000,000 shares of common stock at a price of $0.08 per common share. The Series A Shares are subject to the provisions of the Company's Certificate of Designation, Preferences and Rights of the Series A Convertible Redeemable Preferred Stock, as amended. The Company also granted registration rights to the holder of the Series A Shares that may be exercised in certain circumstances.

Pickwick Capital Partners, LLC acted as the placement agent for the transaction. Proceeds to the Company from the sale of the Series A Shares will provide working capital to support and accelerate deployment of the Company's Freedom Access Control security solution, for investor relations and for working capital purposes.

The securities referred to herein have not been and will not be (except in accordance with the registration rights provided to the investors) registered under the United States Securities Act of 1933 as amended (the "Securities Act") or any state securities laws and may not be offered or sold except pursuant to an effective registration statement under the Securities Act and applicable state securities laws or pursuant to an available exemption from, or in a transaction not subject to, such registration.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

For more information please email, or call toll free as follows:

Viscount Systems, Inc.
c/o The Foothills Group

Viscount Systems, Inc.
c/o The Foothills Group

KEYWORDS:   United States  North America  Canada  Washington


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